BONK price action spells trouble after becoming an overnight crypto sensation.

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Bonk token launched on December 25, 2022
The cryptocurrency rose by four-digit percentages after the launch
BONK price has cooled and trades on a descent and will declare decrease ranges

Crypto has all the time handled its followers with twists, turns, and surprises. The crypto group loves it this fashion, for it turns into a time to make fast bucks as the remainder of the market sleeps. In 2022, we had been handled to a wild launch of the ApeCoin. Before the mud settled, Optimism airdrop got here with a thud! The yr couldn’t finish in a greater method for crypto followers than it did with the Bonk token (BONK/USD).

If you’re a fan of meme tokens, then BONK doesn’t miss your watchlist after a heroic entry into the crypto house. Launched on December 25, 2022, BONK has been a sensation, leaping by 4 digits proportion in price. The token additionally dominated social buying and selling platforms. Analysts credited the recognition of the newly dog-themed token to the Solana group. The former relies on the Solana community.

Nonetheless, if historical past is certainly instructor, then we must always be taught that the features could not final perpetually. We have seen extremely hyped launches boosting token costs, just for them to crash thereafter. BONK will not be an exception. As of press time, the meme cryptocurrency had misplaced at the very least 50% of its worth from its all-time excessive. Typical of the phrase, in the event you didn’t board early, don’t do it now. Technical pointers present BONK may fall additional.

BONK on a decline as price finds minor assist

BONK/USDT Chart by TradingView

From the 4-hour chart outlook, BONK trades nervously at a assist zone. The highs to the upside have been decrease, coinciding with a declining price. Buy-side volumes have improved barely on the assist, however not ample to spice up BONK’s price.

BONK price prediction

As the hype across the BONK launch dies, the price may proceed falling. Investors could have a look at BONK as an overvalued asset. Profit-taking and panic promoting may be at play and power a bearish breakout.